Excerpt (there is much more):
The inventory of completed homes for sale was at 36 thousand in September, just above the record low of 33 thousand in March, April, May and July 2021. That is about 0.5 months of completed supply (just above the record low).
However, a record 106 thousand homes have not been started – about 1.6 months of supply – almost double the normal level. emphasis added